How Much Does It Cost to Retire in Arlington, TX?

Retirement can be scary with limited income. You need to watch costs carefully. Luckily Arlington offers benefits to seniors, and this is why it makes the “Best Places to Retire” list. You do not pay state income tax in Texas and homeowners over 65 may be eligible to take advantage of a $10,000 tax exception - both are big savers for Texas seniors! Let’s examine your big costs in Arlington and show you a few ways to save money along the way.

Costs for housing

The average cost of assisted living in the Dallas/Fort Worth “ $4,000 - $4,500 a month. This price includes most expenses including food, housing, some utilities, and housekeeping. You will also be off the hook for maintaining a home

The average home in Arlington is listed around $168,700 and has gone up in the past year. Don’t worry there are values out there. Forbes rated Arlington, along with other Texas cities, as the number one spot to buy real estate in 2014, meaning they feel these properties are a good value and prices may continue to rise.

If you would rather skip the headaches of homeownership, the average one-bedroom apartment rents for $1,263 and two-bedroom rents for $1,466.

The cost of health care

Unfortunately, the health care market in Dallas County is higher than the nation’s average. With the $2.25 billion spent, Medicare paid $11,663 per Dallas County participant, compared to $9,500 per person across the country.

With the cost of health care so high, you will need to make budget plans. One way to save is to choose doctors who accept the Medicare payment, so you don’t have to pay higher out of pocket amounts. You can find a list of these providers on Medicare’s site.

Cost of getting around

Gasoline has gone down in price, but we can’t say that insurance has. Car owners pay annual rates around $1,395 and up to $1,806 for car insurance. You can save money on your car insurance by shopping for the best rate, bundling with your homeowner's insurance, and increasing your deductible. Without the daily commute to work, you may not be driving as much. Be sure to ask about low mileage discounts.

You don’t have to drive – MAX offers reduced prices to seniors over 65. Your reduced rate is $40 monthly (or $480 a year). You can purchase online at www.the-tstore.com or any T-customer relations outlet.

There is something for free in Arlington

The old saying is wrong – there is something you can get for free in Arlington - entertainment. Levitt Pavilion offers the best performing arts venues in the area with more than 50 outdoor concerts. You will love the Southwest Nature Preserve for its spectacular views, walking trails, and fishing. Don’t forget about the Arlington library with its full schedules of computer classes, book clubs, and other learning opportunities. The City has put together this list of all the free and inexpensive activities in Arlington.